Jaypee Group to deliver 2,300 flats in Noida by year-end

The developer has already offered possession letters to the owners of 950 apartments in the project.

The Noida authority on Monday said that the Jaypee Group is likely to deliver 2,300 apartments in its Wish Town housing project by the year-end, i.e., December 2017.

The Jaypee Group is currently developing Aman, a 26-tower housing project in Sector 151, and Wish Town, a 250-tower housing project along the Noida Expressway. (Virendra Singh Gosain/HT FILE PHOTO)

The developer has already offered possession letters to the owners of 950 apartments in the project in September and October.

“Our job is to issue occupancy certificate (OC) for a housing tower, as and when the builder finishes the project and submits papers with necessary clearances. We are promptly issuing OC to Jaypee projects too, if all papers are in order, so that the buyers can shift into their apartments. We will issue OC for 2,300 apartments by the end of the year,” said Atal Kumar Rai, an additional chief executive officer of the Noida authority.

After insolvency proceedings were initiated against Jaypee Infratech on August 9, homebuyers were unable to get their apartments in the Aman housing project registered and subsequently, take possession of their unit.

Buyers were apprehensive about their investment and delivery of flats after an insolvency case was filed in the National Company Law Tribunal (NCLT). Aggrieved flat buyers who have invested in Jaypee Infratech’s projects on August 23 challenged the insolvency proceedings against the company in NCLT before the Supreme Court, following which the SC stayed NCLT’s order and directed the builder to deposit Rs2,500 crore by October 24, at the latest.

“These 2,300 apartments are located in several towers — Pavilion, Heights 4, Klassic, Kosmos, Kalypso, Kensington Park apartments and Aman. We are busy finishing internal works as the structure is already completed,” a spokesperson for Jaypee Group said.

The Jaypee Group is currently developing Aman, a 26-tower housing project in Sector 151, and Wish Town, a 250-tower housing project along the Noida Expressway. It has built the civil structure of most of the towers but is yet to put in finishing touches and deliver the flats. Most of the towers, with a total of around 32,000 flats, were launched in 2008-09 onwards with a promise of delivery in 2012-13.

“We have offered possession of 6,000 apartments so far and we have also offered possession of 1,700 individual residential plots. We are also developing common facilities in our projects,” the Jaypee Group spokesperson said.

Jaypee Infratech had on July 13 obtained occupancy certificate — permission to offer possession and execute registration of ready flats — from the Noida authority for five towers of Jaypee Aman and three towers in Wish Town, located in Sector 128.